The North Scottsdale Gateway at 17025 N. Scottsdale Rd. passed to Keith-Sunset LLC, which assumed a loan with John Hancock Financial Services Inc. of Boston in order to close the deal. The Denver-based Gateway AZ LLC, a holding company for Dean Callan & Co., bought the holding in July 2001 for $7.9 million--one of the highest prices per sf for retail at that time. Three years later, the center has brought close to $9.2 million.

"They were impressed with the pricing it could fetch," Eric Wichterman, senior vice president with Grubb & Ellis/BRE Commercial, tells GlobeSt.com. "The location at the northeast corner of Frank Lloyd Wright and Scottsdale Road is a tremendous location. It had long-term lease rates and a good tenant mix."

Built in 2000 in a multistory design, the North Scottsdale Gateway has been at 100% occupancy for two years. The roster includes Kinko's, Quizno's, Sushi Brokers and AT&T Wireless. Rents average $32 per sf triple net. Wichterman says very few leases will be rolling in the next two years. The center was developed in 2000 by Scottsdale-based Univest Scottsdale NGS LLC.